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Secured Loans

A secured loan is secured against your property as a second charge. Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges.

Secured homeowner loans are for many different purposes, including debt consolidation. The amount borrowed is repaid monthly over a term agreed at the outset.

You may be charged a penalty if you repay your loan earlier than agreed, and you should check each lender’s individual policy with regards to this.

In most cases, secured loans are easier to obtain than unsecured loans. This is because the lender has security, which provides cover in the event of a customer's inability to repay. This also means that persons, who are self-employed, have recently changed jobs or who have adverse credit can take out a loan. They are also useful for larger amounts or where the applicant requires a longer repayment period.

Are you having problems arranging a secured loan?

Debt Advisory Helpline can offer you free professional advice on whether you would qualify for a secured loan. We can help you if you are self-employed, currently in an IVA or a homeowner bankrupt. We believe no one is beyond help to get out of debt.

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